paulpsp started this topic @ 02:15 on 10/01/2005
I am in the process of setting up as a sole trader however, I will also still have my full time job so will not strictly be self employed. As I pay NIC already what do I do? Any advice would be very much appreciated.
RE: Sole Trader & full time Employed
Joyous | 10/01/2005 03:49 AM
Having a separate full time job does not stop you from also being self employed as a sole trader. It's very common for people to hold on to their full time jobs until their business venture is able to support them.
What you need to do now is contact the Inland Revenue and inform them of your self employed status. You can do this via their site or ring them on 08459 15 45 15 and register in about 10 minutes. You need to inform them within three months of the end of the month that you start trading or else you face a £100 fine.
They’ll inform you that you have to start paying Class 2 National Insurance, £2.05 per week, for which you can set up a direct debit. If you expect your earnings from self employment to be below £4,215 for the year ending 5 April 2005, you can you can apply for an exception from this. Tell them this when you register and they’ll send you a form
The fact that you're already paying Class 1 National Insurance will not exempt you from paying Class 2 National Insurance.
Regards
Joy
------------------------
Joy & Co
Chartered Certified Accountants
www.joyandco.co.uk
RE: RE: Sole Trader & full time Employed
paulpsp | 10/01/2005 08:22 AM
Thank you, Joy for the info I will ring them today, paul
